Money money money!!!


capa

How do you all plan to fund your US LLM's?

Unless I get a pretty BIG scholarship, I won't be going - anyone else in the same boat?

How do you all plan to fund your US LLM's?

Unless I get a pretty BIG scholarship, I won't be going - anyone else in the same boat?
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tmalmine

Two generous scholarships from Finnish foundations (Fulbright and another of approximately same amount). Because of the taxes I hope Yale, too, would give me something.

Two generous scholarships from Finnish foundations (Fulbright and another of approximately same amount). Because of the taxes I hope Yale, too, would give me something.
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DoubleLM

tmalmine, what do you mean by "because of the taxes". Do we have to pay US taxes for our scholarships??

tmalmine, what do you mean by "because of the taxes". Do we have to pay US taxes for our scholarships??
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Mandingo

DoubleLM, obviously you didn't study basic tax law for your first degree..

DoubleLM, obviously you didn't study basic tax law for your first degree..
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gar33

I believe tmalmine is referring to Finnish taxes. Scandinavian countries typically impose heavy taxation on all sorts of economic transactions.

My "libertarian" heart feels sad about it :-)

I believe tmalmine is referring to Finnish taxes. Scandinavian countries typically impose heavy taxation on all sorts of economic transactions.

My "libertarian" heart feels sad about it :-)
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DoubleLM

Indeed tax law is the least I'm interested in. But we should be able to set off our LL.M. expenses against tax liability anyway.

Indeed tax law is the least I'm interested in. But we should be able to set off our LL.M. expenses against tax liability anyway.
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tmalmine

Finnish tax code exempts scholarships from taxes, but only up to 18, 000 U.S.$/year. I you get more than that, you have pay regular income tax, which is, as Gar33 wrote, pretty heavy. So, if Pat Barnes hears me, I need more money!

Finnish tax code exempts scholarships from taxes, but only up to 18, 000 U.S.$/year. I you get more than that, you have pay regular income tax, which is, as Gar33 wrote, pretty heavy. So, if Pat Barnes hears me, I need more money!
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RR LL.M.

I think we should stop a moment here and think of how the tax administration would operate. I´m betting that the only way that the tax administration at your country could know about your scholarship is by checking your bank accounts and finding the deposits. Most scholarships pay the school directly for tuition and they only give YOU the money to cover your expenses, I guess they deposit the money at a bank account in your name. This is the money that you should declare as being received from the scholarship. Is there a scholarship that gives more than 18.000$ for living expenses? With 18.000$ I think you can live pretty good in NYU for the 10 months of your stay. This is viable only if the institutions that give the scholarship don´t have an obligation to submit that kind of information to the tax authorities.

I think we should stop a moment here and think of how the tax administration would operate. I´m betting that the only way that the tax administration at your country could know about your scholarship is by checking your bank accounts and finding the deposits. Most scholarships pay the school directly for tuition and they only give YOU the money to cover your expenses, I guess they deposit the money at a bank account in your name. This is the money that you should declare as being received from the scholarship. Is there a scholarship that gives more than 18.000$ for living expenses? With 18.000$ I think you can live pretty good in NYU for the 10 months of your stay. This is viable only if the institutions that give the scholarship don´t have an obligation to submit that kind of information to the tax authorities.
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Sofi

How do you all plan to fund your US LLM's?

Unless I get a pretty BIG scholarship, I won't be going - anyone else in the same boat?


yes I am in the same boat, no scholarship, so I might wait till next year.

<blockquote>How do you all plan to fund your US LLM's?

Unless I get a pretty BIG scholarship, I won't be going - anyone else in the same boat? </blockquote>

yes I am in the same boat, no scholarship, so I might wait till next year.
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pra608

From my mom's pocket.

From my mom's pocket.
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Igorek

from my own pocket

from my own pocket
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